Sipchem shares hit IPO high

Shares of Saudi International Petrochemical Company (sipchem) rose on Monday to hit the highest price since the company’s 2006 IPO on Tadawul.

Sipchem stock rose 2% to SR 56 with an increase of SR 1.10 from Sunday’s close at SR 54.9.

The today’s stock surge came as a result of an active trading on 1.6 million shares of the company through executing 2490 deals and a volume of SR 88.6 million.

It should be noted that Sipchem reported profit jump of 1942% to SR 3.6 billion last year from SR 176 million in the year earlier.